Case Shiller Index Shows Housing Crisis Is Not Over

Home values are having a bad 2011 so far, despite hopes for a spring recovery. The S&P/Case-Shiller index of home values in 20 cities fell 3.3 percent in February 2011 from the same month a year earlier. Washington, D.C., was the only market covered by the index to post a year-over-year increase, 2.7 percent. In a more troubling development, 10 of the 11 cities in the index dropped to new lows in January 2011, reached new lows in February 2011, as well. Detroit was the only one of that group that eked out a positive return, of 1.0 percent. A swell in the number of foreclosures is keeping home values from improving. Said David M. Blitzer, chairman of the index committee at Standard & Poor's: "There is very little, if any, good news about housing."